Leonado vs Uno

Noob question:

What Uno functionality does the Leonado lack?

Well, I assume the Leonardo processor is only available in surface-mount form so you won't be able to replace the processor.

Near as I can tell the Leonardo is not yet shipping so the UNO does have the advantage there.

So far I see no mention of UNO features being dropped to fit the Leonardo. I guess we'll find out for sure when the product is made available.

Check the summary datasheet - the ATmega32U4 has more analog-input pins, more timers, serial port & USB data port, etc.
Bigger 44 pin package, surface mount only tho.
Really need a SMT to 44 DIP adapter board so we can use this part on breadboards, or a DIP version of a duemilanove type board.
Or the Adafruit breakout board.

Or the Teensy

CrossRoads:
http://www.atmel.com/dyn/products/product_docs.asp?category_id=163&family_id=607&subfamily_id=760&part_id=4317

Check the summary datasheet - the ATmega32U4 has more analog-input pins, more timers, serial port & USB data port, etc.
Bigger 44 pin package, surface mount only tho.
Really need a SMT to 44 DIP adapter board so we can use this part on breadboards, or a DIP version of a duemilanove type board.
Or the Adafruit breakout board.

Atmega32u4 Breakout Board : ID 296 : Adafruit Industries, Unique & fun DIY electronics and kits

Or the Teensy
Teensy (ATmega32u4 USB dev board) 2.0 [ATmega32u4] : ID 199 : Adafruit Industries, Unique & fun DIY electronics and kits

Will you be able to do serial comms on the USB and uart simultaneously or does the usb port still use the single uart?

I don't see from the data sheet that the USB has any connection to the UART, both are seperate hardware blocks with their own interrupt vectors.
So simultaneous as far as receiving data at the same time, but only one is accessed internally at a time over the internal 8-bit bus, like anything else.

Full data sheet is here